Philip Green's Arcadia 'on brink of collapse'

Philip Green's Arcadia, home to some of the biggest brands in British retail, said it was working on a number of options to secure its future.

Sky News reported it risked collapsing in days, threatening 15,000 jobs.

In what could be the biggest British corporate collapse of the global crisis so far, Sky said Arcadia was preparing to appoint administrators from Deloitte as soon as Monday.

Arcadia owns brands such as Topshop and Dorothy Perkins, trading from over 500 stores up and down the country.

The company said in a statement it had been working on a number of contingency options to secure the group's future, adding it expected its stores to reopen next week when the government's latest restrictions ease.

Sky cited one retail industry figure as saying Arcadia's collapse had become inevitable after talks with a number of lenders about an emergency £30 million loan ended without success.